By Ketki Saxena
Investing.com – As of 11:50 p.m E.T, the S&P/TSX composite index was up at 22,000.30 points, up 47.35 points or 0.22% higher so far today.
Canada’s main stock index was driven higher by gains in tech and financials.
Canadian tech (3.10%) followed the NASDAQ higher despite the prospect of higher yields, and continued volatility, both of which are typically anathema to growth stocks. Tech continues to recover from the aggressive selloff at the onset of the Ukraine-Russia conflict and remains buoyed by generally positive investor sentiment and strong economic data.
Financials (+0.22%) meanwhile are being supported by the likelihood of a rate hike by the Bank of Canada next week. Money markets are now pricing in a 70% chance of a half percentage point hike. Banks are the greatest beneficiaries of interest rate hikes by enabling them to expand interest incomes.
The biggest gainers on the TSX so far today include Lightspeed (TSX:LSPD) commerce (+8.24%), Ballard Power (TSX:BLDP) (+7.68%), Shopify (TSX:SHOP) (+5.11%), Lundin Mining Corporation (TSX:LUN) (+4.41%) and WELL Health Technologies Corp (TSX:WELL) (+4.19%).
K92 Mining (TSX:KNT) (-3.72%), Innergex Renewable Energy Inc. (TSX:INE) (-3.44%), TFI International (-3.36%), Summit Industrials (-2.62%) and Teck Resources (TSX:TECKa) B (-2.59%) were amongst the biggest losers on the TSX as of midday today.